Published On: Tue, Apr 29th, 2014

DTCC Expands Support Of OTC Derivatives Trade Reporting In Singapore

Peter Tierney, Regional Head, DTCC

Peter Tierney, Regional Head, DTCC

The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, announced on 29 April the continued expansion of its Global Trade Repository (GTR) service in Asia, with all banks licensed in Singapore and merchant banks approved by the Monetary Authority of Singapore (MAS) now required to report their over-the-counter (OTC) credit and interest rate derivatives transactions to a licensed trade repository as of the April 1, 2014 deadline. Over 50 of Singapore’s leading licensed banks and broker/dealers have signed on to leverage the service.

DTCC’s GTR, which operates through regulated entities located in several countries, is the only global solution that supports regulatory reporting in the Asia-Pacific region for all five major OTC derivatives asset classes including credit, interest rates, equities, FX and commodities. Today, DTCC supports reporting regimes in the U.S. for the Commodity Futures Trading Commission (CFTC), in Europe for the European Securities and Markets Authority (ESMA), in Japan for the Financial Services Agency of Japan (JFSA) and in Australia for the Australian Securities and Investments Commission (ASIC).

“DTCC is committed to working with MAS and market participants to promote an effective and comprehensive reporting scheme in Singapore and the Asia-Pacific region,” said Peter Tierney, Regional Head of Asia at DTCC. “With this major milestone, the industry has taken an important step forward in meeting regulators’ objectives for greater transparency and risk mitigation in the OTC derivatives market in Singapore and globally.”

DTCC’s Singapore entity received approval from MAS to operate GTR on November 1, 2013 at which point the firm began on-boarding licensed banks and merchant banks approved by MAS subject to reporting requirements in Singapore. While Singapore’s trade reporting regime for OTC derivatives commenced on October 31, 2013 for OTC credit and interest rate derivatives, market participants will only be required to start reporting from their applicable reporting commencement dates, as set out below:

Feb 3, 2014 – 19 firms who signed the ISDA commitment letter.
April 1, 2014 – All banks licensed in Singapore or merchant banks approved by MAS.
July 1, 2014 – All trustees and fund managers and other capital market service license holders, registered insurers, finance companies as well as subsidiaries of banks incorporated in Singapore.
October 1, 2014 – All significant derivatives holders.

The reporting mandate for remaining asset classes, including equity, commodity and FX derivatives, will be introduced at a later phase.

“Having a seamless, efficient process in place for reporting OTC derivatives transactions is a critical component in ANZ Banking Group’s ability to comply with regulatory mandates in Singapore and other jurisdictions across the globe,” said Gregory Haynes, Director OTC Reform at ANZ Banking Group. “Trade repositories have helped to bring greater clarity and understanding on the size and scope of the OTC derivatives market to the industry, while providing regulatory authorities with an effective tool for assessing risk exposures in the market place.”

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